Entry – 1.2715
Target – 1.2618 – 96.5 pips
Stop Loss – 1.277 – 55.0 pips
$GBPCHF has been in a range for about four weeks. Price is currently at the bottom of the range, so it’s not necessarily the smartest place to sell, but the long upside wicks and PA’s slogging pace to the downside over the past day makes me feel like it’s worth taking the risk on a short position
4-Hour Chart:
Price is below the Ichimoku cloud, conversion line (red line), and 30EMA (green line). Again, we’ve seen more active selling in the 1.279 – 1.283 zone than buying in the 1.272 level. We’re trading against a recent uptrend (beginning August 13th), but a test of the 200MA (blue line) seems like a nice target for a retracement. The stop loss is located in the middle of the range and above the Ichimoku cloud and the 30EMA. My thinking here is that if the price reaches that level, we’re likely going to test the top of the range at least one more time and the entire thing should be reassessed.
Daily Chart:
Price broke through the 200MA on October 15 and came to a halt into the range zone. Oftentimes, price will retest the 200MA on a break. Take profit target is right below that 200MA line on the daily chart. The 30EMA is touching, but has not crossed, the 200MA on the daily chart.
Price touched and reacted off of the monthly 30EMA.
This should be considered a risky trade and you may feel safer taking a trade when a direction has been clearly established.
-Zedro
Target – 1.2618 – 96.5 pips
Stop Loss – 1.277 – 55.0 pips
$GBPCHF has been in a range for about four weeks. Price is currently at the bottom of the range, so it’s not necessarily the smartest place to sell, but the long upside wicks and PA’s slogging pace to the downside over the past day makes me feel like it’s worth taking the risk on a short position
4-Hour Chart:
Price is below the Ichimoku cloud, conversion line (red line), and 30EMA (green line). Again, we’ve seen more active selling in the 1.279 – 1.283 zone than buying in the 1.272 level. We’re trading against a recent uptrend (beginning August 13th), but a test of the 200MA (blue line) seems like a nice target for a retracement. The stop loss is located in the middle of the range and above the Ichimoku cloud and the 30EMA. My thinking here is that if the price reaches that level, we’re likely going to test the top of the range at least one more time and the entire thing should be reassessed.
Daily Chart:
Price broke through the 200MA on October 15 and came to a halt into the range zone. Oftentimes, price will retest the 200MA on a break. Take profit target is right below that 200MA line on the daily chart. The 30EMA is touching, but has not crossed, the 200MA on the daily chart.
Price touched and reacted off of the monthly 30EMA.
This should be considered a risky trade and you may feel safer taking a trade when a direction has been clearly established.
-Zedro
Trade closed: stop reached:
Stopped out. Guess I should have taken my own advice and waited for a clear breakout. Bad choice to enter this one.
-Zedro
-Zedro